Budgets

Mayor Mike Johnston, who announced furloughs and a hiring freeze, said an economic downturn spurred by President Donald Trump is major challenge for the city.

Chicago is "diligently preparing" to sell debt, now that the bond market has mostly recovered from April's turmoil, Chief Financial Officer Jill Jaworski said.

The state's legislative analyst's office expects revenues for the fiscal 2025-26 budget year to be $7.8 billion lower than estimated in January.

The spending plan for the fiscal year that begins July 1 was balanced through an ongoing reorganization of city government, according to Mayor John Whitmire.

KBRA downgraded Los Angeles GO bonds to AA from AA-plus in the city's second downgrade within a week. The city's lease revenue bonds were also cut.

The coming fiscal year will have more than 10 times the state bonding as the current fiscal year.

To close a $1 billion budget hole, Mayor Karen Bass would merge some departments and lay off more than 1,600 city workers.

The Los Angeles Legislative Delegation penned a letter to state budget leaders asking for $1.9 billion in fire recovery aid for the city after meeting with city leaders.

The governor is calling for a freeze on planned cuts to individual and corporate tax rates.

Mayor Karen Bass and her budget chief say the city faces a $1 billion budget gap and will need to rethink the way Los Angeles operates.